EU considers temporary freeze on Russian oil price cap amid Iran war

EU considers freezing Russian oil price cap due to war with Iran – Bloomberg

The EU is weighing a freeze of the Russian oil price cap at $44.10/barrel — blocking an automatic July revision that would have raised it to ~$65 — due to oil price spikes triggered by the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz. For energy procurement and logistics managers, this signals sustained volatility in oil-linked costs and insurance rates, with G7 policy cohesion on Russia sanctions increasingly strained by Middle East dynamics.